Akshay Naheta, a former executive at SoftBank, is venturing into the cryptocurrency world with his latest project, DTR. Unlike most players in the stablecoin market who have been focusing on USD-pegged coins, Naheta is taking a unique approach by introducing a new stablecoin backed by the United Arab Emirates dirham (AED).
According to a recent report from Bloomberg, the 42-year-old financial expert has chosen the international financial free zone of Abu Dhabi as the base for his new company. He’s teaming up with Hong Kong-based DRAM Trust, known for its connections with high-net-worth individuals.
DRAM coins will soon be accessible on decentralized exchanges (DEXs) such as Uniswap, Sushiswap, and Pancakeswap. The team also has plans to collaborate with centralized exchanges in the near future. This move is expected to generate significant interest in the UAE, thanks to its large expatriate community and its proximity to regions in Africa, the Middle East, and Asia grappling with high inflation rates.
A Stablecoin for High-Inflation Nations
Specifically, DRAM coins are poised to offer much-needed stability to individuals in high-inflation countries like Turkey, Egypt, and Pakistan. Beyond that, the UAE stablecoin aims to provide an alternative to the SWIFT system.
In an interview, as noted in the report, Naheta expressed their primary focus, saying,
“Our main focus is the unbanked and underbanked in these nations. If you want to diversify your risk and be in a currency that’s complimentary to the dollar, there’s a big percentage of money that can move into this.”
While the UAE dirham has had a modest role in the global economy, it is gaining recognition as a more important petrocurrency. Naheta is optimistic about the dirham’s future, emphasizing that they are moving into a whole new financial system where the dirham will be a major player.
“I’m extremely bullish on the UAE. It’s the new Switzerland—geopolitically neutral, a great transportation hub, and a top tourism destination,” he maintained.
Akshay Naheta’s move into the stablecoin market, which is currently worth over $120 billion, signifies a notable development in the cryptocurrency world. As the market continues to grow, the introduction of a UAE dirham-backed stablecoin has the potential to make stablecoins more accessible across the Middle East and North Africa region while fostering greater cryptocurrency adoption.